Trade decisions are based on the principle of absolute advantage
a. True
b. False
Indicate whether the statement is true or false
False
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In the Malthusian model of economic growth, an increase in the quantity of land
A) increases steady state per capita consumption, and increases the steady state population. B) has no effect on steady state per capita consumption or on steady state population. C) has no effect on steady state per capita consumption, and increases the steady state population. D) increases per capita consumption, and reduces the steady state population.
One reason firms in monopolistic competition can charge different prices is that their products are
a. identical. b. similar. c. differentiated. d. guaranteed.
When a government intentionally lowers the value of its currency, that is called depreciation
a. True b. False Indicate whether the statement is true or false
Refer to the data. If this good were a private good instead of a public one, the total quantity demanded at a $3 market price would be:
Answer the question on the basis of the following information for a public good. P a and P b are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.
A. 2 units.
B. 3 units.
C. 6 units.
D. 4 units.